A predicted surge in foreclosures in the Chicago metropolitan area has begun, according to Foreclosures.com, a distressed property investment advisory firm based in Fair Oaks, Calif.New foreclosure filings jumped to 433 in Cook County in the first week of February, a level 30% higher than the weekly average of 334 new cases for all of 2003, the firm reported. "Late last year, we were advised to expect a sudden upsurge in mortgage defaults in early 2004," said Alexis McGee, president of Foreclosures.com. "That's happening now." Among the economists predicting the surge was Diane Swonk, chief economist at Bank One in Chicago. Foreclosures.com can be found on the Web at http://www.foreclosures.com.
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